Menu
Loan from a friend
What are the steps while filing ITR for the amount(5 lakhs) borrowed from a NRI friend for purpose of purchasing a house ,No agreement was made since the friend is not coming to India any time soon. Will the borrower have to pay tax etc please explain
Replies (1)
How the money transacted, by cheque/bank transfer or cash? if cash, how the NRI got the cash of Indian demonination? If by bank channel, keep records of bank transfer numbers, and show as loan in balance sheet of ITR.
Recent Topic
- PF Final settlement shown in Salary Form 16 FY 26-
- ITR3 online utility: Part B TTI is populating fiel
- Sale of rural agriculture land
- How to show Capital Gain on gifted property
- TIS Glitch Alert : inflated summary
- IT returns of partners
- Challan status in Payment Failed but amount deduct
- Sec 54 exemption
- Query regarding retirement benefits
- TDS Payment and filing
Related Topics
CAclubindia
